Core Viewpoint - The company is facing significant challenges in revenue generation and profitability, particularly in the context of local AI policy benefits that have not translated into positive performance for the company compared to its peers [2] Group 1: Company Performance - As of November 18, 2025, the company's stock closed at 14.62 yuan, with a slight increase of 0.34% and a trading volume of 163,100 hands, amounting to a transaction value of 238 million yuan [1] - The company reported a sharp decline in revenue and a doubling of losses, leading to a significant drop in stock price compared to its sector [2] - The company attributes its performance issues to intensified industry competition and adjustments in client budgets, rather than a lack of policy benefits or operational obstacles [2] Group 2: Market and Competitive Landscape - The company operates in a competitive environment where its client structure and order cycles differ from those of local peers, resulting in a divergence in performance [2] - The company has not yet scaled its new business initiatives, which focus on niche areas such as anti-fraud in discipline inspection, and has not provided specific details on market capacity or its market share in these segments [1] - The company maintains that its core business remains stable, with a solid technical team and ongoing collaborations with key clients, ensuring sufficient cash flow for business expansion and R&D investments [2] Group 3: Investor Sentiment - On November 18, there was a net outflow of 3.38 million yuan from institutional investors, while retail investors saw a net inflow of 14.57 million yuan, indicating a mixed sentiment among different investor groups [3][4]